Property prices fall by 0.5% in January

Residential property prices decreased by 0.5% in the month of January, according to the latest figures from the Central Statistics Office (CSO).

This compares with an increase of 0.5% recorded in December and a decrease of 1.4% recorded in January of last year.

In the year to January, residential property prices at a national level, increased by 7.6%. This compares with an increase of 6.6% in December and an increase of 15.5% recorded in the twelve months to January 2015.

In Dublin residential property prices decreased by 1.2% in January and were 3.4% higher than a year ago.

Dublin house prices decreased by 1.1% in the month and were 3.2% higher compared to a year earlier. Dublin apartment prices were 4.8% higher when compared with the same month of 2015. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 0.1% in January compared with a decrease of 0.9% in January of last year. Prices were 11.4% higher than in January 2015.

House prices in Dublin are 34.9% lower than at their highest level in early 2007. Apartments in Dublin are 41.8% lower than they were in February 2007. Residential property prices in Dublin are 36.8% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 35.3% lower than their highest level in September 2007. Overall, the national index is 33.8% lower than its highest level in 2007.